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According to the latest sources from the Energy Market Authority (EMA), there have been 7,698 solar panel installations within just the first 6 months of 2023, which is already approximately 16% more than in 2022 (6,635). Out of these installations, 38.6% were residential, amounting to about 2,971 homes.

So, what’s driving this surge in solar adoption? While environmental concerns are a significant factor, the decision to invest in solar panels—often costing upwards of SGD 20,000—goes beyond just being eco-friendly. There are multiple benefits and motivations behind this growing trend, especially in a place like Singapore. Let's explore why so many Singaporeans are choosing to harness the power of the sun

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Financial Freedom: Solar Panels - Your Ticket to Long-Term Savings

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1. Slash Electricity Bills

Generating your clean energy can significantly reduce your dependence on the grid, leading to substantial savings on electricity bills. Solar panels allow you to harness the power of the sun to power your home. Excess solar power from your home is either stored in a battery for later use or sold back to the grid. You will receive payment (based on the prevailing low-tension electricity tariff minus grid charge) from SP Group by way of a credit adjustment to the monthly electricity bill. 

2. Increased Property Value

Homes equipped with solar panels often command a higher market value. Potential buyers are increasingly looking for sustainable features in properties, and solar panels can be a major selling point, ensuring you get a better return on your investment. In general, solar panels can increase your home value by approximately 3% to 4%. For landed homeowners, this is certainly good news if you decide to install your very own rooftop solar system. Interested in installing solar panels for your roof? Book a consultation today with Sunollo!

3. Government Incentives

Under government incentives, the Energy Market Authority (EMA) offers two payment schemes for solar exports:

1. Simplified Credit Treatment: Consumers selling electricity directly to SP Group receive payments at the tariff rate, minus the grid charge. This offsets infrastructure maintenance and transportation costs incurred by SP Group.
2. Enhanced Central Intermediary Scheme: Consumers buying electricity from retailers are paid at the prevailing wholesale electricity price, which was 235.1 SGD per MWh as of March 2024 according to the EMA. This aligns with the payment received by all electricity generators.

Both schemes provide financial incentives for households and corporations to invest in solar energy, promoting sustainable practices and reducing reliance on non-renewable sources. 

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Did You Know?

Individuals and corporations can also earn Renewable Energy Certificates (RECs) by generating solar power. RECs represent the environmental attributes of renewable electricity generation and can be traded or sold, providing additional financial incentives for investing in solar energy.

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Environmental Hero: Embrace Sustainability with Solar Energy

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Reduce Carbon Footprint

Solar energy production minimises greenhouse gas emissions, contributing to a cleaner environment for future generations. By switching to solar, individuals and corporations play a direct role in reducing pollution and combating climate change. Click here to learn about how businesses in Singapore can discover and reduce their carbon footprint. 

Be Part of the Solution

Investing in solar power demonstrates a commitment to sustainability and environmental stewardship. Individuals and corporations can lead by example and inspire others to embrace renewable energy solutions, driving positive change in the fight against climate change.

Energy Independence

By generating their own electricity, individuals and corporations reduce reliance on non-renewable energy sources. Solar panels offer energy independence, providing a reliable and sustainable power source that is not subject to fluctuations in energy prices.

Aligning with Government Initiatives

Singapore has set ambitious targets to achieve net-zero carbon emissions by 2050. By installing solar panels, individuals and corporations align with these government initiatives, contributing to national sustainability goals and benefiting from policies designed to support clean energy adoption.

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Enhanced Homeowner Benefits: Beyond Cost Savings

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Increased Reliability

Solar panels provide a backup power source during grid outages, ensuring some level of electricity even in emergencies. This reliability can be crucial for both homeowners and businesses, minimising disruption during power outages.

Low Maintenance

Solar panels require minimal upkeep, offering a hassle-free experience. With durable designs and long-lasting materials, they can continue to function efficiently with only occasional cleaning and inspections.

Peace of Mind

Enjoy the satisfaction of knowing you're contributing to a sustainable future and reducing your reliance on fossil fuels. Solar panels represent a long-term investment in a cleaner

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Unveiling the Numbers: Potential Savings with Solar Panels

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Did you know? 

You can afford solar with a 0 SGD downpayment! Sunollo offers this exciting opportunity, allowing homeowners and businesses to access solar energy without any upfront costs.

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Frequently Asked Questions: Demystifying Solar Panels

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Q1. What is the maintenance involved with solar panels?

A: Solar panels require minimal maintenance. Regular cleaning to remove dust and debris and periodic inspections by a professional are usually sufficient to ensure optimal performance.

Q2. How long do solar panels last?

A: Solar panels typically come with a warranty of 25-30 years, but they can last even longer with proper maintenance, continuing to produce energy at a slightly reduced efficiency.

Q3. Do solar panels work during cloudy days?

A: Yes, solar panels can still generate electricity on cloudy days, though at a reduced efficiency compared to sunny days. Advances in solar technology have made panels more efficient even under less-than-ideal weather conditions.

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Embrace a Brighter Future with Solar Power

Investing in solar panels offers a multitude of benefits – financial savings, environmental responsibility, and enhanced home value. Contact us today for a free consultation and unlock the potential of solar power for your home!

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Other Recommended Articles:

→ Singapore Pays for your Solar Electricity

→ Why Solar Makes Sense for Homeowners in Singapore

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